New York, June 28, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Sugar Confectionery Global Market Report 2023" - https://www.reportlinker.com/p06463974/?utm_source=GNW
, The Wm. Wrigley Jr. Company, Mars Incorporated, HARIBO Dunhills (Pontefract) Plc., Barry Callebaut, Ingredion Incorporated, and DSM Food Specialties B.V.
The global sugar confectionery market is expected to grow from $46.71 billion in 2022 to $49.28 billion in 2023 at a compound annual growth rate (CAGR) of 5.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The sugar confectionery market is expected to reach $58.52 billion in 2027 at a CAGR of 4.4%.
The sugar confectionery market consists of sales of sugar candies, chocolates, boiled sweets, chewing gums, and flavored candies.Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Sugar confectioneries refer to sweet-tasting food products that are high in sugar content.Sugar confectionery is the traditional core application of sugar.
Sugar confectionery is the traditional primary use of sugar. It satisfies customer desires for sensory delight, personal and experience rewards, treats, comfort and sharing, bonding, socialising, and, fun breaks.
North America was the largest region in the Sugar Confectionery market in 2022. The regions covered in sugar confectionery report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of sugar confectionery are hard-boiled sweets, caramel, and toffees, gums and jellies, medicated confectionery, mints, marshmallows, nougat, lollipops, and liquorice.Hard-boiled sweets are small, hard candies with a sweet, typically fruity flavor.
The various packaging includes sachet, box, and others and is distributed through various distribution channels such as convenience stores, departmental stores, online stores, retail stores, traders, importers, and exporters.
The increasing consumer demand for sweets and chocolates is expected to propel the growth of the sugar confectionery market going forward.Sweets and chocolates refer to food items created by combining cocoa beans that have been roasted and ground with sugar powder and fat to form solid confectionery.
Sweets and chocolates include various formulations and flavors that use sugar as a main ingredient, as a result, increasing demand for sweets and chocolates increases the demand for the sugar confectionery market.For instance, in March 2022, according to a report shared by National Confectioners Association, a US-based trade organization that promotes chocolate, candy, gum and mints, sales of chocolate and sweets in the US increased by 11 percent between 2020 and 2021.
Additionally, confectionery retail sales were $36.9 billion overall in 2021 and were projected to reach $44.9 billion by 2026. Therefore, the increasing consumer demand for sweets and chocolates is driving the growth of the sugar confectionery market.
Product innovation is a key trend gaining popularity in the sugar confectionery market.Major companies operating in sugar confectionery are focused on developing innovative solutions to strengthen their position in the market.
For instance, in June 2022, Mars Incorporated., a US-based multinational manufacturer of confectionery, launched a new product CO2COA, which is the first vegan milk chocolate bar. The CO2COA is primarily produced with animal-free, lactose-free, and earth-friendly chocolate bars. Additionally, it contains alternative protein energy for consumers with a delicious taste, and it comes wrapped in paper-based packaging.
In September 2021, Barry Callebaut., a Switzerland-based cocoa processor and chocolate manufacturer, acquired Europe Chocolate Company N.V., for an undisclosed amount. Through this acquisition, Barry Callebaut aims to offer highly customized chocolate specialties and decorations to a variety of customers and increase production capacities in the expanding market for highly customized chocolate decorations and specialties. Europe Chocolate Company N.V. is a Belgium-based innovator and flexible manufacturer of specialty chocolate ingredients.
The countries covered in the sugar confectionery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The sugar confectionery market research report is one of a series of new reports that provides sugar confectionery market statistics, including sugar confectionery industry global market size, regional shares, competitors with a sugar confectionery market share, detailed sugar confectionery market segments, market trends and opportunities, and any further data you may need to thrive in the sugar confectionery industry. This sugar confectionery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06463974/?utm_source=GNW
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